SpaceX raises $20 billion in bonds after a $1 trillion market-value slide

SpaceX’s market value has fallen by about $1 trillion, yet it successfully raised $20 billion through a bond sale and received investment-grade ratings from Moody’s, S&P Global and Fitch. The company is reported to hold roughly $100.8 billion in cash, while Starlink has grown to about 12 million subscribers. Figures circulating among investors indicate SpaceX could be generating approximately $2.32 billion per month from AI compute agreements with major AI companies. The episode highlights a split between equity investors focused on heavy spending and expectations of negative free cash flow, and bond investors emphasizing Starlink’s recurring cash flows and refinancing needs, with much of the proceeds expected to address obligations due in 2027.